Honestly, if you won a lottery...

Easto · Post by **Easto** » Sat Oct 20, 2018 11:41 am

With all the buzz regarding the lottery, what do you think would happen and what would you do if you suddenly took home $500+mil?

I'm always astounded by how many lottery winners file bankruptcy. Obviously, the old saying "Giving someone a lot of money does not make them good with money" is quite true. But what baffles me is that so many of these people do not even have the slightest clue as to how to proceed? I mean, wouldn't you think that you should probably be speaking to a CPA, Attorney and Financial Planner before making any moves at all? Properly invested, anything greater than $5 mil should be able to provide you with a return that would keep you comfortable. In most cases ($10+ mil) I don't see that many reasons to even touch the principal. I have no sympathy for people who burn through that kind of money and then 2 years later they are on late night TV telling everyone not to do what they did, Duh.

If I suddenly won $500+mil?
1. New home: Here in So Cal near the beach... $3-5 mil. It's just me and my wife. We don't need an "estate"
2. New car: Probably a large model SUV ($85k?). I don't need a Ferrari. I wouldn't buy a Ferrari. Although I know my wife wants a Porsche $135k
3. Gifts: We have 12 immediate relatives that we would initially give the maximum gift of $14K to = $168k.
4. Then a cooling off period.

That's only approximately $4.3 mil and the majority of that is due to the new home purchase.

To win that kind of money and then find yourself broke is just ridiculous. What a waste. You should be ashamed of yourself.

YARDofSTUF · Post by **YARDofSTUF** » Sat Oct 20, 2018 5:44 pm

1. Invest
2. Finish landscaping projects
3. Snag a 1080 Ti

Post by **Philip** » Sun Oct 21, 2018 9:08 pm

YARDofSTUF wrote:1. Invest
2. Finish landscaping projects
3. Snag a 1080 Ti

Only one? You could have VR setup with SLI at least

YARDofSTUF · Post by **YARDofSTUF** » Mon Oct 22, 2018 9:40 am

I'm not sold on VR, or at least the current application of it.

And SLI is kinda dead, if I wanted to waste some of the lotto money I'd pick a 2080 Ti instead

Post by **Philip** » Mon Oct 22, 2018 10:23 am

You are right that 2080 Ti is probably the better way to go. Hmm, 2080 Ti SLI may be a gamble, but then again it may have slightly better odds than hitting that Powerball

To the original topic, many people have no sense of money management, and they do get a lot of bad advice.

Leatherneck · Post by **Leatherneck** » Mon Oct 22, 2018 2:35 pm

Hide
Hire attorney(s)
Hire accountant(s)
Build homes in Wyoming and Central NC. Wyoming home off the grid literally.
Take care of family
Find and buy nicest 1969 1/2 Dodge Super Bee 440 six pack
Be charitable smartly
Travel
Try not to die

Lefty · Post by **Lefty** » Mon Oct 22, 2018 2:46 pm

Go into hiding.
Hire attorney & accountant & financial planner.
Build a house in super rural Maine
Build a house in out in the midwest.
F350 4x4 loaded
Trip to Italy, meet the pope.
Get new phone number.
A/V Room
Mancave.

Lefty · Post by **Lefty** » Mon Oct 22, 2018 4:32 pm

Lefty wrote:Go into hiding.
Hire attorney & accountant & financial planner.
Build a house in super rural Maine
Build a house in out in the midwest.
F350 4x4 loaded
Trip to Italy, meet the pope.
Get new phone number.
A/V Room
Mancave.

Maybe an Audi as my fun car.
The old lady wants a Mini Cooper, will get one for the daughter too. **** the son in law.

Post by **Philip** » Mon Oct 22, 2018 6:35 pm

Careful with the son in law Lefty, this forum is public

Seriously though,
I'd help close family, I'd give them a mil each or something once.
Pay kids' tuitions to good Universities. Keep them from borrowing a lot, help them along conservatively without spoiling them.
Switch to a house on the intracoastal somewhere, dock a small sailboat.
Update cars a bit, nothing extravagant, even though I do like Audis and Porsches too.
Invest in something conservative and diversified, that can weather the next/coming/consecutive stock market corrections. Well rated corporate bonds and such, something that beats inflation without too much downturn risk.
Travel at least a month every year.
Live off of investment income/interest, leave the money to the kids.
Buy everyone in here a 2080 Ti

I'd think about it more when I get the money

Lefty · Post by **Lefty** » Tue Oct 23, 2018 3:52 pm

sorry Philip

Lefty · Post by **Lefty** » Tue Oct 23, 2018 3:55 pm

stocks, lockheed martin, GD, all the major defense contractors

Post by **Philip** » Tue Oct 23, 2018 5:33 pm

Lefty wrote:sorry Philip

I was just trying to look out for you, and joking around

Easto · Post by **Easto** » Tue Oct 23, 2018 10:40 pm

Well, in another 1/2 hour I'll know if I won. If this somehow happens to be my last post here... You're all going to wish you had been a lot nicer to me. LOL

Easto · Post by **Easto** » Tue Oct 23, 2018 10:47 pm

Leatherneck wrote:Hide
Hire attorney(s)
Hire accountant(s)
Try not to die

Exactly. That's sort of what I was getting at in my original post. I would be on the phone immediately with both my CPA and Attorney, tell them to drop everything and I'll be in their offices before the day is over. I'd tell them to double there fee, but that I have to see them immediately.

Humboldt · Post by **Humboldt** » Wed Oct 24, 2018 12:10 am

Land, toys.

Easto · Post by **Easto** » Wed Oct 24, 2018 8:50 am

Damn! Lost again.

Post by **Philip** » Wed Oct 24, 2018 6:39 pm

Well, with lotto you are paying for the anticipation, so you got something out of it

I didn't win either (of course), played for the first time in years.

Easto · Post by **Easto** » Wed Oct 24, 2018 9:47 pm

Philip wrote: played for the first time in years.

I probably only buy about 2 lottery tickets a year.

Ken · Post by **Ken** » Thu Oct 25, 2018 8:45 am

I would have to change my lifestyle a bit, however I believe that I could manage...

Post by **Philip** » Thu Oct 25, 2018 4:28 pm

Hi Ken! Where the heck have you been dude

Humboldt · Post by **Humboldt** » Thu Oct 25, 2018 11:52 pm

Garret AT Pro metal detector
Dodge Challenger just cause I like the way they look
Land in Montana, and NC Blue Ridge Mountains
Mountains of silver
Dog rescue charities
Spoil my father and sister and woman.
Build new computer.
Fix up 93 Pathfinder.
Solar panels galore.
Kegs of Miller High Life and, if produced, Carolan's Irish Cream (for the morning coffee of course).

Hey Ken

!!

Lefty · Post by **Lefty** » Fri Oct 26, 2018 4:39 pm

Garret AT Pro metal detector, sounds good.

My last detector was stolen by my daughter and her hyped up boyfriend. Sucks to be on H.

Rainbow · Post by **Rainbow** » Fri Oct 26, 2018 8:55 pm

Hmm,
1) Go into hiding
2) Buy Maddoc 1,000000 post count

3) Quit work and enjoylife

Post by **Philip** » Sun Oct 28, 2018 2:20 pm

2) Buy Maddoc 1,000000 post count

Expensive, but doable, esp. if you hit the Lottery

Post by **YeOldeStonecat** » Tue Oct 30, 2018 4:00 pm

Send MadDoc a lifetime supply of fishnet stockings and blow up sheep dolls!

Leatherneck · Post by **Leatherneck** » Sat Nov 10, 2018 8:47 pm

Humboldt wrote:Garret AT Pro metal detector
Dodge Challenger just cause I like the way they look
Land in Montana, and NC Blue Ridge Mountains
Mountains of silver
Dog rescue charities
Spoil my father and sister and woman.
Build new computer.
Fix up 93 Pathfinder.
Solar panels galore.
Kegs of Miller High Life and, if produced, Carolan's Irish Cream (for the morning coffee of course).

Hey Ken !!

Wife is enjoying a Carolans right now.

ranran · Post by **ranran** » Wed Nov 14, 2018 5:11 am

I would do the following:

1. Invest wisely
2. Purchase a ticket for a Champions League game and watch the El Classico at Madrid and Barcelona
3. Buy good quality sportswear (I run and cycle a lot, and with my income, I can't afford the best clothes for these purposes. Especially when I cycle to work and have to change into work clothes, my cycling clothes remain damp until I have to wear them again to cycle back home).

Modest dreams these may be, but these are what I'd do.

jeremyboycool · Post by **jeremyboycool** » Fri Nov 16, 2018 8:52 pm

I would go out to eat more often.

Randy · Post by **Randy** » Sat Dec 15, 2018 2:13 am

I would create a treasure hunt so you guys could go running around collecting stashes of cash, gold,. There would also be contests for ex: first member to shear Maddoc and knit me a tuke would get 100k. I wouldn’t actually wear the tuke bcz god only knows what specimens of biological matter exists in that wool! so instead I would pay a member to sure brembo wears it 24/7

9mmprincess · Post by **9mmprincess** » Sun Jan 20, 2019 3:26 pm

500 mill, to take home?

First, id take half, so 250 mil, put it in account, then LEAVE IT ALONE for 5 years.

So now i have 250. Ill split it again. 125 goes into savings, 125 i can spend. Then ill break it down like this:

50 million to various charities-not all at once, i'd need to research, ect. But 50 is set aside for charity. 50 is for spending-house, cars, stuff for friends, ect. I dont plan to spend it all, but its all spendable. Tge last 25 is just to sit in my account and gather interest and be there if i need it.

In 5 years, i would see how im doing moneywise, and then decide if i want to do something with the rest-the other 250. But even if i did id only use probably half of it. Id always keep a decent amount untouched in case something goes catastrophically wrong, and so i can leave it to people when i die

Humboldt · Post by **Humboldt** » Sun Jan 20, 2019 8:33 pm

Leatherneck wrote:Wife is enjoying a Carolans right now.

Can't/wont drink it straight (at least since I was 12 or so), but I do love it in my second mug of coffee.

Same with Disaronno. Love the stuff, but don't want it mixed or on ice. A swig out of the bottle is perfect, and a bottle will last me at least a year.

MadDoctor · Post by **MadDoctor** » Thu Feb 07, 2019 3:27 pm

Rainbow wrote:Hmm,
Buy Maddoc 1,000000 post count

*smooch*

MadDoctor · Post by **MadDoctor** » Thu Feb 07, 2019 3:27 pm

YeOldeStonecat wrote:Send MadDoc a lifetime supply of fishnet stockings and blow up sheep dolls!

*smooch*

MadDoctor · Post by **MadDoctor** » Thu Feb 07, 2019 3:28 pm

Oh look! A post count above 10 !!!!!!

Mark · Post by **Mark** » Thu Feb 07, 2019 6:18 pm

MadDoctor wrote:Oh look! A post count above 10 !!!!!!

not for long i can assure you LOL